The foreign buyer ban started on January 1st, 2023 and will be in effect for two years. This is what we know about it so far:

Non-Canadians will be banned from purchasing residential property, however, there are exceptions:

• Some temporary residents studying in Canada
• Some temporary residents working in Canada
• Specifically exempted foreign nationals
• Refugees
• Refugee claimants and individuals fleeing international crises
• Non-Canadian spouses and common law partners
• Section 35 rights - Indigenous people and communities
• Exceptions for certain types of property - CMAs (Census metropolitan areas) and CAs (Census agglomerations)

These exceptions are subject to varying conditions.

What is residential property defined as?

• Detached house or similar building
• Semi-detached houses
• Rowhouse unit
• Residential condominium unit or other similar premises
• Unit or premises and that is reasonably necessary for its use and enjoyment as a place of residence for individuals
• Any prescribed real property or immovable

The province of BC has adopted amendments to the Property Law Act which puts a mandatory cooling-off period into effect. This gives home Buyers three days to rescind their offer. The three days begin as soon as there is an accepted offer and the Buyers have until the end (midnight) of the third day (does not include weekends or holidays).You do not have to give a reason to rescind the deal but you do have to pay the Sellers a rescission fee which is 0.25% of the purchase price.